First Au (ASX: FAU) boosts project portfolio through rigorous exploration programs

Highlights

• First Au Limited (ASX:FAU) is actively progressing on its exploration program at its Victorian Goldfield, South Australia, and Western Australia Projects.
• In Western Australia, the company has undertaken metallurgical test works on samples from the Gimlet deposit.
• FAU holds nearly 2,450 sq. km area in Victoria. The tenure covers historic goldfields around Haunted Stream, Dargo, Dogwood, and Swifts Creek.

Australia’s diversified mineral exploration company, First Au Limited (ASX: FAU, OTCQB: FRSAF), is actively pursuing exciting opportunities in the gold and base metal space on the back of highly prospective exploration projects across Australia.

The Company is focused on exploration and undertakes an aggressive exploration program at its Victorian Goldfield, South Australia, and Western Australia Projects. The miner has made robust progress across its portfolio by pursuing rigorous exploration programs under the leadership of well-experienced management and technical teams.

Furthermore, the diversified mining company has made substantial progress in recent quarters. Earlier, FAU had announced the completion of the second diamond drilling program at Snowstorm and a grant of strategically important tenements at the VicGold project, including the Dogwood porphyry copper-molybdenum-gold target. Additionally, the Company also announced initial results of its diamond drilling program at Snowstorm.

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First Au’s diversified portfolio

Having several gold and copper projects in East Gippsland tenements, FAU holds nearly 2,450 sq. km area in Victoria. The tenure covers historic goldfields around Haunted Stream, Dargo, Dogwood, and Swifts Creek.

Till April, FAU announced results of the final 11 drill holes at Snowstorm, demonstrating robust intersections. The program was intended to test mineralisation across the project. Drill core assay results indicated the presence of persistent gold mineralisation.

At Dogwood and Haunted Streams, the Company plans to undertake a small amount of work in relation to the newly granted tenement during the last quarter.

Historical drilling results at Dogwood produced intersections of 13.2m @ 1.33% Cu, 30m @ 0.5% Cu and 2m @ 8 g/t Au. The Company plans to drill at Haunted Stream in Q2 2022.

Furthermore, FAU also announced that it had been granted four Exploration Licences, EL006975, EL006976, EL006977, and EL007335, at its VicGold project.

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In South Australia, FAU has recently secured over 1,000 sq. km of tenure within the highly prospective Mabel Creek area of the northern Gawler Craton. The Company completed an initial geological interpretation of its Mabel Creek project in March.

The significant results provide new insight into prospective structures and importantly, settings across the project area. FAU aims to advance the Native Title agreement over the next quarter, required before the commencement of field exploration.

In Western Australia, the company has undertaken metallurgical test works on samples from the Gimlet deposit. On completion, FAU will be able to advance discussions with third parties or continue to progress the project to a mining operation. Currently, FAU has no further update on the Mining Lease application at this time, the process continues to be held up by competing Native Title claims.

Mabel Creek and Gimlet provide diversity to FAU’s assets and present potential to deliver value to shareholders in combination with Victorian projects.

Recent progress

FAU has planned a 14-hole drilling program after receiving a confirmation that the drill rig had arrived on the site on 28 April 2022 at Dogwood. The drilling is expected to complete approx. 2,000m of drilling over the next 2-3 months.

Additionally, in April 2021, the miner had been granted Exploration Licence 5422 (EL5422), covering an area of 490 sq. km, in the district of Dargo in East Gippsland, Victoria.

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